Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/CAD: buy target - 1.4650

By: Dmitriy Chernovolov

  • EUR/CAD broke strong resistance level 1.4480
  • Next buy target - 1.4650

EUR/CAD today broke above the strong resistance level 1.4480 (which reversed the previous minor impulse (i) in July and wave 2 in January, as you can see below). The breakout of this resistance level should accelerate the active minor impulse wave 3 – which is a part of the intermediate (C)-wave from the end of June.

Due to the fact that the (C)-waves and the 3rd waves are usually the sharpest in corrective and impulse sequences - EUR/CAD can be expected to rise further in the coming trading sessions toward the next buy target at the next strong resistance level 1.4650 (which reversed intermediate wave (4) in last December).

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